Cryptocurrency

Bitcoin On-Chain data to reach new highs

Bitcoin On-Chain data are currently being reflected of your strong side. Rafael Schultze-Kraft, Chief Technical Officer of Blockchain analysis company Glassnode, has revealed on Twitter, how active is currently the Bitcoin network is. A lot of BTC On-Chain metrics, have reached a long-term maximum able.

Bitcoin On-Chain data to achieve all-time highs

Rafael has shared a Tweet some Bitcoin On-Chain metrics, which are at a relative all-time high. In doing so, new addresses, active addresses and the number of transactions in the BTC network. In addition, Outputs that are less than 24 hours old were treated, also.

The number of hourly newly created addresses has reached a 2 year High, while the amount of active addresses in a 1-year High exceeded. The latter measurement includes addresses that have participated in the analysis period to at least one transaction.

The hourly number of transactions has also reached a new 10-month High. In the current period, the peak of the network activity every hour, more than 16,000 transactions were initiated.

Finally, the number of output transactions output high reached with a service life of less than 24 hours, an all-time high. This indicator characterizes the network activity of Bitcoin perfectly, because the transaction expenses will be used to maintain the integrity of the Blockchain.

This is now bullish or bearish?

During measurements, the network should not be treated the activity as a clear bullish or bearish sign, indicate other contributions of Mr. Shultze-Kraft to the fact that long-term Bitcoin-treat investors in the network processes as healthy and promising.

Recently, it was also found that the majority of all Bitcoins have not been longer than moving 1 year. A total of 60% of all BTC have not been spent for over a year. This clearly demonstrates the Confidence of investors at higher rates. In addition, the number of Bitcoins that were in the last two and three years dormant high is approaching a new all-time high.

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About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

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